Seeking Alpha

U.K. unemployment rate drops even lower

  • U.K. unemployment fell 6.5% down from 7.8% a year earlier. The new figure marks the U.K.'s lowest rate since December 2008.
  • Average earnings including bonuses slowed to 0.3% from 0.8% in the three months to April and the lowest since 2009.
  • "The striking divergence between employment and pay continues," says Office for National Statistics Deputy Chief Peter Patterson. "While the employment rate has never been higher, the average weekly earnings of employees excluding bonuses have risen by only 0.7 per cent over the past year. The latest Consumer Price Index shows inflation running at 1.9 per cent."
  • The pound is flat at $1.7142, while the FTSE soars +1.2%.
  • ETFs: FXB, EWU, GBB, FKU, EWUS, DXPS, DBUK
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